As used in this act:

(a) “LLC member” means a person with ownership interest under the Michigan limited liability company act, 1993 PA 23, MCL 450.4101 to 450.5200.

Terms Used In Michigan Laws 487.3103

  • Affiliate: means a corporation, business trust, limited liability company, association, or an organization to which 1 or more of the following apply:

    (i) A savings bank, directly or indirectly, owns or controls either a majority of its voting shares or more than 50% of the number of shares voted for the election of its directors, trustees, or other persons exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees, or other persons exercising similar functions. See Michigan Laws 487.3102

  • Agency office: means a place at which the business of a savings bank is conducted other than by regularly employed personnel of the savings bank, as provided under section 417(6). See Michigan Laws 487.3102
  • Articles: means articles of incorporation, all amendments to articles of incorporation, and agreements of consolidation and merger. See Michigan Laws 487.3102
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bank: means a state banking corporation organized or reorganized under the provisions of the banking code of 1999, 1999 PA 276, MCL 487. See Michigan Laws 487.3102
  • Branch: means a place of business, other than the principal office of a savings bank, at which the savings bank transacts business that may be conducted at its principal office. See Michigan Laws 487.3102
  • Capital: means the stated par value of issued and outstanding unimpaired common stock and the stated par value of issued and outstanding unimpaired preferred stock. See Michigan Laws 487.3102
  • Commissioner: means the commissioner of the office of financial and insurance services. See Michigan Laws 487.3102
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Depository institution: means a bank, out-of-state bank, national bank, association, savings bank, cooperative bank, industrial bank, or credit union organized under the laws of this state, another state, the District of Columbia, the United States, or a territory or protectorate of the United States. See Michigan Laws 487.3102
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Messenger service: means a service such as a courier service or an armored car service that picks up from or delivers to customers of 1 or more depository institutions or 1 or more affiliates of a depository institution cash, currency, checks, drafts, securities, or other items relating to transactions between or involving a depository institution or affiliate of a depository institution and those customers, or that transfers cash, currency, checks, drafts, securities, or other items or documents between depository institutions or affiliates of depository institutions. See Michigan Laws 487.3103
  • Mutual savings bank: means a savings bank for which the articles of incorporation do not authorize the issuance of common or preferred stock. See Michigan Laws 487.3103
  • National bank: means a bank chartered by the federal government under the national bank act, chapter 106, 13 Stat. See Michigan Laws 487.3103
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means an individual, corporation, limited liability company, governmental entity, partnership, limited liability partnership, or other legal entity. See Michigan Laws 487.3103
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Savings bank: means a state banking corporation organized or reorganized under this act. See Michigan Laws 487.3103
  • Service entity: means a stock corporation, mutual company, limited liability company, limited liability partnership, or limited partnership in which a savings bank has invested under section 410. See Michigan Laws 487.3103
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Subsidiary: means a corporation, mutual company, limited liability company, limited liability partnership, or limited partnership, the controlling interests of which are more than 50% owned by 1 or more federally insured depository institutions, and in which a savings bank has an ownership interest, membership interest, or other legally enforceable interest which has the indicia of ownership. See Michigan Laws 487.3103
  • Surplus: means the amount paid for issued and outstanding common and preferred stock in excess of the stated par value, plus any amount of transferred undivided profits, and any additional amounts paid in or contributed to increase total capital. See Michigan Laws 487.3103
  • Total capital: means an amount equal to any capital, plus any surplus, undivided profits, and instruments of indebtedness authorized under section 310. See Michigan Laws 487.3103
  • Undivided profits: means the amount of retained earnings and any additional amounts held in capital reserve accounts of the savings bank. See Michigan Laws 487.3103
  • Uniform commercial code: means the uniform commercial code, 1962 PA 174, MCL 440. See Michigan Laws 487.3103
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Value: means the present worth of all rights to future benefits arising from ownership. See Michigan Laws 487.3103

(b) “Loan production office” means an office of the savings bank at which only activities related to money lending are conducted, which is not the principal office or a branch or an agency office or an office of an affiliated depository institution.

(c) “Member” means a person holding a savings account of a mutual savings bank.

(d) “Messenger service” means a service such as a courier service or an armored car service that picks up from or delivers to customers of 1 or more depository institutions or 1 or more affiliates of a depository institution cash, currency, checks, drafts, securities, or other items relating to transactions between or involving a depository institution or affiliate of a depository institution and those customers, or that transfers cash, currency, checks, drafts, securities, or other items or documents between depository institutions or affiliates of depository institutions. The messenger service may be owned and operated by 1 or more depository institutions or affiliates or by a third party.

(e) “Mobile branch” means a branch in which the location of the physical structure of the branch is moved from time to time.

(f) “Mutual savings bank” means a savings bank for which the articles of incorporation do not authorize the issuance of common or preferred stock.

(g) “National bank” means a bank chartered by the federal government under the national bank act, chapter 106, 13 Stat. 99.

(h) “Net income” means the remainder of all earnings from operations plus actual recoveries on loans and investments and other assets, after deducting from the total all operating expenses, actual losses, accrued dividends on preferred stock, if any, and all taxes.

(i) “Out-of-state bank” means a banking corporation or savings bank organized under the laws of another state, the District of Columbia, or a territory of the United States whose principal office is located in a state other than this state, the District of Columbia, a territory or a protectorate of the United States, and whose deposits are insured by the federal deposit insurance corporation.

(j) “Person” means an individual, corporation, limited liability company, governmental entity, partnership, limited liability partnership, or other legal entity.

(k) “Publication”, “published”, and “publish” mean publication in a newspaper printed in the English language and published and circulated in the county where the depository institution is located or, if there is no newspaper published and circulated in the county where the depository institution is located, in any newspaper having general circulation in the county.

(l) “Residential real estate” means improved real property that is used or intended to be used as a residence or residences and contains not more than 4 dwelling units.

(m) “Savings bank” means a state banking corporation organized or reorganized under this act.

(n) “Savings liability” or “deposit liability” means the aggregate amount of accounts of depositors, including interest accrued or credited to the accounts, less redemptions and withdrawals.

(o) “Service entity” means a stock corporation, mutual company, limited liability company, limited liability partnership, or limited partnership in which a savings bank has invested under section 410. Upon written approval of the commissioner, a service entity may be a general partnership.

(p) “Shareholder” means the registered owner of any share or shares of capital stock of a savings bank.

(q) “Stock savings bank” means a savings bank for which the articles of incorporation authorize the issuance of capital stock.

(r) “Subsidiary” means a corporation, mutual company, limited liability company, limited liability partnership, or limited partnership, the controlling interests of which are more than 50% owned by 1 or more federally insured depository institutions, and in which a savings bank has an ownership interest, membership interest, or other legally enforceable interest which has the indicia of ownership. Upon written approval of the commissioner, and subject to the ownership requirements set forth in this subsection, a subsidiary may be a general partnership.

(s) “Surplus” means the amount paid for issued and outstanding common and preferred stock in excess of the stated par value, plus any amount of transferred undivided profits, and any additional amounts paid in or contributed to increase total capital.

(t) “Total capital” means an amount equal to any capital, plus any surplus, undivided profits, and instruments of indebtedness authorized under section 310.

(u) “Trust office” means an office of a savings bank at which trust services are performed and at which deposits are not accepted, checks are not paid, and money is not lent.

(v) “Undivided profits” means the amount of retained earnings and any additional amounts held in capital reserve accounts of the savings bank.

(w) “Uniform commercial code” means the uniform commercial code, 1962 PA 174, MCL 440.1101 to 440.11102.

(x) “Value” means the present worth of all rights to future benefits arising from ownership.

(y) “Withdrawal value of a deposit account” means the amount invested in a deposit account, plus earnings, less lawful deductions.